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07/04/2009

Suisse - Secret bancaire : la place sur le pied de guerre

Selon Les Echos, les banquiers suisses mettent en avant le contexte de guerre commerciale. Ils contestent la crédibilité de la liste de l’OCDE, et soulignent qu’il faudra plus de temps à la Suisse pour signer des accords qu’aux petits pays.
07/04/2009

UE - Bruxelles veut réguler tous les fonds alternatifs au-dessus de ? 250 millions

Selon le projet de directive établi par la Commission européenne et dont le Handelsblatt a obtenu un exemplaire, Bruxelles veut obliger les fonds de private equity, de hedge funds, de fonds immobiliers offerts au public et de fonds institutionnels dont l’'encours dépasse 250 millions d’euros à se faire enregistrer. Ce texte sera présenté le 21 avril à Bruxelles par le commissaire au Marché intérieur Charlie McCreevy, s’il a été approuvé auparavant par les autres commissaires. Il est prévu que cette directive entre en vigueur début 2011.En dehors de l’obligation d’enregistrement, le texte ne contient pas beaucoup de réglementations. Les autorités ne pourront pas intervenir sur la politique d’investissement et les ventes à découvert resteront autorisées. Néanmoins, la commercialisation des produits ne serait autorisée qu’auprès d’investisseurs professionnels. L’agrément ne serait délivré qu’aux fonds dont les gérants auront fourni des informations détaillées, qui afficheront un capital suffisant et qui auront donné des renseignements sur leur gestion du risque. Les dispositions concernant les fonds utilisant un fort effet de levier seront plus sévères. Les fonds prenant des participations importantes dans les sociétés devront aussi satisfaire à des obligations de transparence particulières.
07/04/2009

Suisse - La banque privée confrontée aux pressions réglementaires

Selon Les Echos, la capacité bénéficiaire du secteur pourrait reculer de près de moitié en deux ans à cause de la crise financière, à l’heure où il doit affronter la réforme du secret bancaire suisse. Les réponses restent disparates. Toutefois, selon le cabinet de consultants Booz & Company, la Suisse restera un « hub » du « private banking ».
07/04/2009

Suisse - Négoce en devises : le droit d?exercer en question

Selon L"Agefi suisse, l"autorité de surveillance des marchés financiers (FINMA) peut faire connaître, depuis début avril, ses décisions quant à l"octroi, ou non, d"une licence bancaire aux négociants en devises agissant pour le compte de clients. En Suisse, quelque 150 intermédiaires financiers exercent ce type d"activité. Mais d"après l"autorité de surveillance, les demandes d"octroi se comptent sur le doigt d"une main. Parmi eux: GFX Group et Advanced Currency Market (ACM), à Genève, ainsi que MIG Investments, à Neuchâtel.
07/04/2009

Monde - G20 : satisfecit de la Fédération bancaire européenne

La Fédération bancaire européenne a salué les engagements pris par le G20, et tout particulièrement la mise en place d’un board de la stabilité financière qui devrait remplacer le Forum de la stabilité financière et dont les pouvoirs devraient être renforcés.
07/04/2009

France - Modifications au règlement général de l'AMF

Le ministère de l'économie a publié au Journal officiel du 5 avril un arrêté daté du 2 avril portant homologation de modifications du règlement général de l’AMF qui portent sur l’appel public à l'épargne et sur les prospectus. L’article 212-16 stipule notamment que «lorsqu"un ou des prestataires de services d"investissement participent à la première admission sur un marché réglementé portant sur des titres de capital ainsi qu"à toute offre au public ou admission aux négociations sur un marché réglementé portant sur de tels titres réalisée dans les trois ans à compter de la première admission des titres de capital, le ou les prestataires de services d"investissement confirment à l"AMF avoir effectué les diligences professionnelles d"usage et que ces diligences n"ont révélé dans le contenu du prospectus aucune inexactitude ni aucune omission significative de nature à induire l’investisseur en erreur ou à fausser son jugement».
07/04/2009

France - Mutations douloureuses pour les traders

Selon Les Echos, les traders et autres opérateurs de marchés, après avoir été stigmatisés comme les responsables de la crise actuelle, doivent faire face à un futur incertain mais aussi à de nouvelles méthodes de travail et d’encadrement qui modifient leur quotidien. Une évolution certainement bénéfique mais qui, pour l’instant, s’opère surtout dans la douleur.
07/04/2009

Allemagne - La Commerzbank marchande avec Bruxelles

Afin d’obtenir le feu vert de la Commission européenne pour la seconde tranche du plan d’aide fédérale de 18,2 milliards d’euros, la Commerzbank serait prêt à se séparer de la totalité de ses activités en Europe de l’Est (11.000 salariés, 300 millions d’euros de bénéfice) et à vendre sa filiale de financement immobilier Eurohypo (1.900 salariés, 1,2 milliard d’euros de perte en 2008), rapporte le Handelsblatt. De fait, Berlin estime que la Commerzbank a besoin de son aide uniquement à cause de la crise financière tandis que Bruxelles suspecte que les difficultés de la banque proviennent d’une déficience de son business model.
07/04/2009

United States - Mike Corbat becomes CEO of Citi Holdings

Citibank on Monday announced the appointment of Mike Corbat as CEO of Citi Holdings, a division which includes a significant proportion of the group’s activities in the areas of brokerage, asset management, consumer credit, and special assets. He had been interim CEO since 16 January.
07/04/2009

United States - Madoff case: lawsuits against J. Ezra Merkin and Fairfield

The New York state prosecutor’s office on Monday filed a lawsuit against J. Ezra Merkin for fraud, the Frankfurter Allgemeine Zeitung reports. Andrew Cuomo accuses the financier of investing USD2.4bn with Bernard Madoff without informing his clients. It is claimed that he pocketed USD470m in the deal. Meanwhile, the market regulator for the state of Connecticut has filed a civil lawsuit against the fund management firm Fairfield Greenwich Group for neglect of its fiduciary duties when it invested USD7bn with Madoff without undertaking sufficient due diligence.
07/04/2009

Germany - Deep cuts to come at DWS

The Frankfurter Allgemeine Zeitung has learned that, to consolidate power in the hands of the management team at the bank, Kevin Parker, head of asset management at Deutsche Bank, is planning to impose a massive cost savings initiative. Restructuring will now also affect Europe, where the head of asset management was previously Stephan Kunze, who has recently resigned. Fund management in Europe may be concentrated in Frankfurt. The production of funds in Italy has already been abandoned, and the same may now occur in other European countries, such as Spain.
07/04/2009

Europe - ETF Securities launches ETF Exchange multi-issuer platform

ETF Securities (ETFS) on Monday announced the forthcoming launch of ETF Exchange, which aims to become the world’s first multi-issuer ETF platform. The planned platform has been joined by 15 banks and asset management firms of global size, including the largest actors in the European financial centres (Germany, France, the United Kingdom, Italy, southern Europe, Scandinavia), the United States, and Asia; it will aim to provide investors with ?highly liquid and creditworthy? exchange-traded products (ETP).
07/04/2009

Italy - Another month of redemptions from Italian funds

In March, mutual funds on sale in Italy saw net redemptions of EUR5.1bn, following redemptions of EUR2.9bn in February, according to the most recent statistics from Assogestioni, the Italian association of management professionals. All categories are in the red, particularly bond funds, which have seen outflows of EUR2.7bn for the month. Equities funds show net redemptions of EUR490m.Since the beginning of the year, mutual funds on sale in Italy have seen outflows of EUR12.4bn, confirming a trend which has continued for several months. Assets are down to EUR386bn, from EUR388bn in February.Among the leaders in the sector, Pioneer shows the heaviest net redemptions at EUR2.67bn, Mediolanum shows the largest net subscriptions at EUR145m.
07/04/2009

Germany - Meag targets external clients

At the end of 2008, assets at Meag, a management firm joint venture from Munich Ré and Ergo, had increased by 2% compared with their levels at the end of 2007, to a total of EUR184.7bn. The Börsen-Zeitung reports that this unusual development was the result of a prudent investment policy which led the firm to reduce its allocation to equities to EUR7.1bn, down from EUR24.4bn twelve months earlier. Now, says Robert Helm, CEO, Meag will work to take advantage of last year’s good results to win over new clients from outside the group.
07/04/2009

Germany - MLP: Swiss Life and Talanx adjust their participations

In a market statement to the Deutsche Börse, MLP has announced that it was informed by Swiss Life on 1 April that its participation in the firm has passed below the 20% threshold, and now totals 15.90%. Meanwhile, the insurance firm Talanx (HDI group) announced to MLP on the same day that is now controls 9.89% of its capital.
07/04/2009

Germany - Wellington controls more than 3% of Deutsche Borse

Deutsche Börse announced on Monday in a market statement that the Boston-based asset management firm Wellington Management Company informed it on 3 April that it has acquired 3.05% of its capital. Recently, the alternative managers TCI and Atticus liquidated almost all of their participations in the capital of the stock market company.
07/04/2009

EU - European Union in plans to regulate all alternative funds with assets over EUR250m

According to a draft European Union directive which has been obtained by Handelsblatt, the EU is planning to require private equity firms, hedge funds, open-ended real estate funds and institutional funds with assets of over EUR250m to register. The proposed legislation will be unveiled in Brussels on 21 April by single market commissioner Charlie McCreevy, if approved by other commissioners. The directive would come into force in early 2011.Aside from the registration requirement, the bill does not include much new regulation. The authorities will not be allowed to intervene in investment policies, and short-selling will continue to be allowed. However, sale of the products will be restricted to professional investors. The license will be issued to the fund only once the managers have provided detailed information, after the fund has amassed sufficient capital and provided details of its risk management. Rules relating to funds using high levels of leverage will be more severe. Funds which take large stakes in companies will also be required to satisfy stricter transparency requirements.
07/04/2009

Norway - Government pension fund cuts back investment in high yield and real estate

According to a survey by the Norwegian finance ministry reported in IPE, the Government Pension Fund - Global will refrain from investments in high-yield bonds and emerging market bonds which present undesired risks in times of economic downturn. Meanwhile, the fund is also giving itself a period of ?several years? to complete construction of a real estate portfolio to eventually account for 5% of assets.
07/04/2009

World - Redemptions from funds of USD60bn

Investors worldwide withdrew more than USD60bn from funds investing in developed markets in first quarter, while emerging markets saw inflows of a net total of USD3.2bn, according to statistics from Emerging Portfolio Funds Research, cited by the Financial Times.
07/04/2009

World - Managers neglect risk management

Management firms have a tendency not to place surveillance or risk management at the top of the list of priorities in their hierarchies, according to a survey by Copenhagen business school, in partnership with SimCorp StrategyLab, cited by Financial Times Fund Management. ?Risk management is considered an obstacle to be surmounted in an activity,? says Steen Thomsen, a professor at the Danish school.
07/04/2009

France - Modifications to AMF general regulations

The French minister of the Economy on 5 April published an announcement in the official journal dates on 2 April, which contains a summary of modifications to the general regulations of the AMF related to public calls for capital and prospectuses. Article 212-16 stipulates that ?when one or more investment services providers participate in an initial admission to a regulated market for the trading of capital securities and/or any public offers or the admission to trading on a regulated market for such securities in the three years after the first admission to trading of these capital securities, this provider or providers must confirm to the AMF that they have undertaken the professional diligence required and that the diligence has not found any imprecisions or significant omissions in the prospectus of a nature which would induce error in investors or mislead their judgment.?
07/04/2009

Spain - Managers holding onto more cash than equities

A monthly survey by Lipper of 14 major Spanish asset management firms reveals that in March, 53.85% of these firms were underweight in equities, compared with 61.54% the previous month, and that average investment in equities measures 32.11% of the portfolio, compared with 31.98% the previous month, Cinco Días reports. Cash allocations have decreased very slightly, from 34.65% to 33.87%.
07/04/2009

United States - Six candidates to acquire external asset management activities of AIG

The Wall Street Journal reports that at least six potential buyers have expressed interest in the USD100bn in assets that AIG Investment manages on behalf of third parties. The potential buyers include four private equity investors, Ashmore Investment Management, Hellman & Friedman, Rhône Group and TA Associates, and two asset management firms, Franklin Templeton Investments and Southgate Alternative Investments. The offers range from USD400m to USD800m, while the price would normally be about USD1bn to USD2bn. The newspaper reports that AIG is planning to complete the sale by the end of May, but that the group may have to call off plans to sell the division if the offer price is too low. Alternative assets in the portfolio up for sale totalled about USD34bn at the end of February, of which USD26bn were in private equity and USD6.8bn in hedge funds. Since then, assets in hedge funds have been reported to be closer to USD5bn.
07/04/2009

Germany - BASF raises additional capital

After already doubling the initially planned amount of its borrowing to EUR1bn last week, BASF on Monday raised a further EUR350m in capital, the Börsen-Zeitung reports.
07/04/2009

Germany - DWS takes over management of RREEF funds

DWS has announced that as of 1 April, it has taken over management of closed real estate funds from another Deutsche Bank affiliate, RREEF. The assets transferred by RREEF are valued at about EUR2.2bn. Specialist personnel from RREEF have been transferred to DWS, which, for its part, will be parting with about 50 employees (out of 1,020 in Germany as of the end of 2008), but without unilateral layoffs. The move may result in the transfer from one division to another and in reductions in working hours for elder employees. DWS will conduct mergers of open-ended funds.
07/04/2009

Germany - DWS bids farewell to Stephen Kunze

A spokesperson for DWS has confirmed to the Financial Times Deutschland that Stephan Kunze has resigned, and that a new director of distribution will be appointed in the very near future. Kunze joined the fund management affiliate of Deutsche Bank in July 2004 from ABN Amro, where he was director of products for private investors. Apparently, the FTD comments, Kunze is paying the price for the poor sales of DWS Go certificates, launched in 2006, which attracted only slightly over EUR400m.
07/04/2009

Germany - SEB Asset Management liquidates six small funds

SEB Asset Management has announced that on 30 April it will liquidate six of its funds (five of them registered in Luxembourg and one in Germany), whose assets do not allow for a profitable operation of the fund for the management firm or investors. Assets under management in the funds concerned range from EUR0.23m to EUR8.75m. SEB AM is offering subscribers a free transfer to four funds with similar objectives.

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